Banana Split Cake

1/2 cup powdered sugar

1 (16 ounce) container frozen whipped topping, thawed

Toppings:

1 cup sliced strawberries

1 large banana, sliced

1 cup pineapple pieces (I chopped up some canned pineapple rings)

1 (11.75 ounce) jar hot fudge topping, room temperature

1 cup chopped peanuts

fresh whipped cream

Maraschino cherries